Freeport McMoran (FCX) remains inside of a multi-year falling channel. After hitting falling resistance of last FCX is breaking support at (1) below.
This usually isn’t a good sign for the Doc Copper of copper mining stocks as 77% of investors are bullish the stock at this time. FCX is the 4th largest holding of IYM.
A decline in FCX, would increase the odds that the CRB breaks support and could well impact the Shanghai index! See bearish descending triangles in the CRB & Shanghai index (here)
Watch how old Doc Copper does in the weeks ahead!
Article republished via Kimble Charting Solutions Blog » Doc Copper….This pattern can be a “Royal Pain in the assets!”.
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